This is a one-of-a-kind retail strip in a downtown setting featuring a value-oriented grocery, Dollar General and the U. S. Postal Service Downtown branch. Also has a restaurant and mobile phone store. Within walking distance of much of downtown and nearby residential
Green Bridge Real Estate is pleased to present The HAP Contracted 36 Unit Apartments located at 1833-1845 East 31st Street. in Lorain, Ohio. The approx. 26,847 Sq.Ft. All-Brick, 3-Story Building on 1.09 acres, consisting of 36 units: 24 one bedroom, one bath units of approx.. 700 Sq.Ft. and 12 two bedroom, one bath units of approx. 900 Sq.Ft. Retiring Ownership Directs Immediate Sale of Portfolio. The Lowell Apartments are included in a 60 Unit Total Unit Portfolio Sale offered at $1,890,000. Must be purchased in a 2 building bulk sale. The Lowell Apartments are currently 91% Occupied. Landlord pays Utilities, Trash, Water & Sewer. Leased Laundry Units provide additional income. The Projected Net Annual Operating Income for 2013 is $144,484 or an 12.35% Capitalization rate at the asking price of $1,170,000 ($32,500 per unit). Opportunity to significantly increase income by increasing current Rents to Market Rates and passing thru Individually Sub-metered Electric to Tenants. Pro-Forma Net Annual Income @ 100% Occupancy is $173,182 or a 14.80% Capitalization rate. Some recent Capital Improvements include a New Roof in 2007.
Unit 4 of the Summit II Condominium project in the Oak Point Professional Park. Located at the Oak Point Road exit off Route 2. Across the Street from the Deerfield Shopping Center anchored by Target, Lowe's, Verizon, Great Clips and Panera. Zoned B-1A. Permitted Uses: Business, charitable, financial, professional and consulting offices, exclusive of retail or wholesale activities conducted on the premises. Medical and dental clinics and offices. Private child care center, private business, technical or trade school, public and private schools. (Ord. 94-06. Passed 6-5-06)
32.33 acres for sale along Henderson Drive (Route 611) and the Black River. 1,236.48 feet frontage along the Black River with easy access to Lake Erie. Zoned I-2 for heavy industrial.
NEW HUD HAP CONTRACT JUST RENEWED WITH 11.50% INCREASE! Mary L. Palumbo and CREO Real Estate Properties is pleased to annouce this new Government HUD HAP Contract Building for sale. Total 48 units with 8 one bedrooms and 40 two bedrooms. All units in addition to the rent subsidy, have utility allowances paid by HUD in the amounts of 40.00 - one bedrooms and 44.00 for two bedrooms. Many newer capital improvements have been added with most recently new windows and new shingle sidings. Property is located across the street from Repulic Steel in a very secluded dead end street with lots of new construction homes mixed in with older existing homes. The HUD contract is a guaranteed rent program with 6 months up to a year waiting list. HUD will pay back vacant unit rents once unit is rent ready waiting the new tenants move in. HUD contracts have annual increases across the board. Other than turning a suite for renovation, you should never have any loss of rent. Hud conducts annual to semi annual REACT inspection, last react scored 83%. The 48 units is located in two all brick buildings and built in 1973.
Investment Opportunity - 8 total duplexes (16 units). Units newly remodeled. New roofs on 14 units, 2 units were done in the last 5 years. 90% rented, section 8 approved, some tenants already sec 8. All units have baseboard electric heat, new heaters in most units, new hot water tanks, new toiletries, new kitchens, bath, flooring, new carpet in all 16 units. New doors where installed where needed, all new faucets, completely new painted, trim doors, inside all new plumbing lines were replaced, electrical and new drywall in 75% of all units. Also, the landscape has been redone. Seller will consider splitting and selling one building with two units at a time. Two bedroom buildings $70k, three bedroom building $75k.
New windows & siding approximately 2005. New plumbing 2005. Parking lot redone 2007. 2 Taylor Ice Cream machines. Pizza oven -2002 - like new!
4 acres of spectacular Lake Erie waterfront. Presently zones multi-family. Other options may be available.
Income / Business
Progressive Reserve Auction(not a live auction). Auction date is deadline for bids which are reviewed daily. An offer may be accepted at anytime. List price is suggested starting bid. 2% buyers premium on first $100K, the 1% on balance. This commercial zoned property has a banquet hall on it. There is also a strip building and home available. Will sell all or each separately. See other listings.
The subject property is comprised of a freestanding 7,000 square foot building that was built in 2004 and is situated on a 0.7165 acre lot. The building is currently leased to Advance Auto Parts which, boasts an investment grade credit rating of BBB- and saw revenue grow just over 4.5% from 2012 to 2013. The lease is double net (NN) with the landlord responsible for the slab, foundation, and structure of the building. The lease has roughly 5 years remaining with Advance Auto Parts having three (3), five year options to extend the lease. The options feature 5% rent escalations during each option, growing the cap rate over 125 basis points over the course of the entire lease.